Forward Air (NASDAQ:FWRD) Trading 4.4% Higher – Here’s Why

Forward Air Co. (NASDAQ:FWRD)’s share price was up 4.4% during trading on Thursday . The company traded as high as $18.43 and last traded at $18.43. Approximately 406,329 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 612,000 shares. The stock had previously closed at $17.65.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Robert W. Baird lowered their price target on Forward Air from $32.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Stifel Nicolaus upped their price target on shares of Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a report on Thursday, January 23rd. Finally, Benchmark reissued a “hold” rating on shares of Forward Air in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $37.00.

Forward Air Stock Performance

The company has a market capitalization of $546.36 million, a PE ratio of -0.79 and a beta of 1.08. The firm’s 50-day simple moving average is $29.66 and its 200-day simple moving average is $32.89. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 5.07.

Institutional Trading of Forward Air

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its position in shares of Forward Air by 688.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 326,921 shares of the transportation company’s stock worth $11,573,000 after acquiring an additional 285,465 shares in the last quarter. Goldentree Asset Management LP purchased a new position in shares of Forward Air in the third quarter worth about $14,270,000. Verition Fund Management LLC lifted its holdings in shares of Forward Air by 1,481.6% during the third quarter. Verition Fund Management LLC now owns 208,396 shares of the transportation company’s stock worth $7,377,000 after purchasing an additional 195,220 shares during the period. Weiss Asset Management LP boosted its position in Forward Air by 73.0% in the third quarter. Weiss Asset Management LP now owns 78,803 shares of the transportation company’s stock valued at $2,790,000 after buying an additional 33,261 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Forward Air in the 4th quarter worth approximately $11,140,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

About Forward Air

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.